• Home
  • Featured
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Crime
  • More
    • Celebration
    • Interviews
    • Health
    • Investigations
    • Metro
    • The Parliament
    • Opinion
    • TGN Award Night
    • Religion
    • Security
    • Sports
    • Technology
    • World

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

October 4, 2023

Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda

October 4, 2023

Don’t Use NURTW’s Crisis To Blackmail FG, MC OluOmo Warns NLC 

October 3, 2023
Facebook Twitter Instagram
Trending
  • Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador
  • Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda
  • Don’t Use NURTW’s Crisis To Blackmail FG, MC OluOmo Warns NLC 
  • Police Arrest Naira Marley Over Mohbad’s Death 
  • FG Promises Harnessing Potential of Aging Population 
  • We’re Planning Alternative Strategies to Nullify Drug Cartel – NDLEA
  • Epetedo Indegenes Call For Peace, Social Cohesion; Stage Endurance Trek
  • How One-way Driver Killed Pregnant Woman, Tricycle Operator; Injured Two School Children In Okota 
Facebook Twitter Instagram YouTube
The Gazelle NewsThe Gazelle News
  • Home
  • Featured
  • News
    Featured

    Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

    By Soffiyyah OlamideOctober 4, 20230
    Recent

    Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

    October 4, 2023

    Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda

    October 4, 2023

    Don’t Use NURTW’s Crisis To Blackmail FG, MC OluOmo Warns NLC 

    October 3, 2023
  • Politics
    Featured

    Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

    By Soffiyyah OlamideOctober 4, 20230
    Recent

    Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

    October 4, 2023

    Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda

    October 4, 2023

    Don’t Use NURTW’s Crisis To Blackmail FG, MC OluOmo Warns NLC 

    October 3, 2023
  • Business
    Featured

    Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

    By Soffiyyah OlamideOctober 4, 20230
    Recent

    Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

    October 4, 2023

    Nigeria at 63: Collective Actions To foster Nation-building 

    October 3, 2023

    LIRS Tasks Business Organizations On Consumption Tax Compliance

    September 28, 2023
  • Entertainment
    Featured

    AFRIMA, PMAN, MPAN, RELPI, AMAMN Hold Emergency Summit on Nigerian Music Industry 

    By Khadijah OlowodeOctober 2, 20230
    Recent

    AFRIMA, PMAN, MPAN, RELPI, AMAMN Hold Emergency Summit on Nigerian Music Industry 

    October 2, 2023

     Ilebaye Wins BBNaija All Star; Beats Mercy, Cee Cee To N120m Star Prize In Record-breaking All Female Final 

    October 1, 2023

    Lagos Set To Host Shopping Festival With Spice Of Entertainment In December 

    October 1, 2023
  • Education
    Featured

    Jubilation, Praises As Akanke Women Library & Resource Centre Lands In Abeokuta

    By Soffiyyah OlamideOctober 2, 20230
    Recent

    Jubilation, Praises As Akanke Women Library & Resource Centre Lands In Abeokuta

    October 2, 2023

    NDDC Invites Applications for 2023/2024 Foreign Post Graduate Scholarship

    September 28, 2023

    Tragedy Hits LAUTECH As Final Year Accounting Students Returning From Excursion Trip Die In Auto Crash 

    September 28, 2023
  • Crime
    Featured

    Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda

    By Soffiyyah OlamideOctober 4, 20230
    Recent

    Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda

    October 4, 2023

    Police Arrest Naira Marley Over Mohbad’s Death 

    October 3, 2023

    PFN Backs EFCC in Fight Against Economic, Financial Crimes

    October 3, 2023
  • More
    • Celebration
    • Interviews
    • Health
    • Investigations
    • Metro
    • The Parliament
    • Opinion
    • TGN Award Night
    • Religion
    • Security
    • Sports
    • Technology
    • World
The Gazelle NewsThe Gazelle News
Home»MTN Reports Commercial Momentum, Strategic Progress, Strong Financial Results; CEO To Step Down Next Year, Succession Process Underway

MTN Reports Commercial Momentum, Strategic Progress, Strong Financial Results; CEO To Step Down Next Year, Succession Process Underway

The Gazelle NewsBy The Gazelle NewsMarch 11, 2020No Comments4 Mins Read
MTN LOGO
MTN LOGO
Share
Facebook Twitter LinkedIn Pinterest Email

MTN Group on Wednesday, 11 March, 2020, announced an encouraging set of results for the year ended 31 December 2019.

The Group also announced that its President and CEO,  Rob Shuter would be stepping down from his role at the end of his contract in March 2021.

Shuter said: “In 2019, the 25th anniversary of MTN Group, we delivered commercial momentum across our operations as well as great progress in our strategy and strong financial results, despite challenging trading conditions.

“We added 18 million customers to reach a total of 251 million and increased our data users by 17 million to 95 million and our fintech customers by 7 million to 35 million. This growth is central to our belief that everyone deserves the benefits of a modern connected life. We also saw improvements in customer experience, network quality and market share across the group.

“On the strategic front, we launched our instant messaging platform Ayoba, which is now live in 12 markets with two million monthly active users. We launched MoMo in South Africa and Afghanistan and received our super-agent licence in Nigeria, registering more than 100 000 agents by year-end. We also delivered R14 billion of asset realisations within the first 12 months of our programme and MTN Nigeria listed on the Nigeria Stock Exchange. We recorded progress on various regulatory issues, including the AGF tax matter in Nigeria. Relationships with stakeholders across our markets improved, and we reported our highest employee sustainable engagement score yet.

 

“On the financial side, we delivered service revenue growth of 9,8% with an acceleration in the second half. Our EBITDA margin improved and reported headline earnings per share grew by 62%. Our network rollout brought a further 69 million people into 4G coverage whilst reducing capex intensity.  Improved cash flows during the year supported stable balance sheet ratios.”

According to him, the operating environment was delivered against challenging macroeconomic conditions, particularly in South Africa, with muted economic activity and the rand weakening against the US dollar.

In constant currency terms, group service revenue increased by 9,8%* to R141,8 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) expanded by 13,6% to R53,4 billion. The holding company leverage ratio improved to 2,2x, which is well within the group’s guidance range of 2,0 to 2,5x, and we reduced our capex intensity to 17,5% from 19,3%, indicating greater efficiency in deploying assets. Driven by the strong earnings performance, operating cashflow increased by 18% and the ROE increased from 11,5% in 2018 to 14,3% in 2019 on an IAS17 basis.

The group’s results were supported by double-digit growth in service revenue by both MTN Nigeria and MTN Ghana. The performance of MTN South Africa was impacted by economic pressure, new data usage rules and changes in recognition criteria for roaming revenue from Cell C due to delayed payments under the networking roaming agreement.

MTN announced that the group president and CEO Rob Shuter will be stepping down from his role at the end of his contract in March 2021. The board thanks Rob for the contribution he has made, and continues to make, to MTN. The succession process will be concluded during the year, enabling a seamless handover.

MTN Group Chief Technology and IT Officer, Charles Molapisi has been appointed to the group executive committee and the fixed contract of the Group Chief Operations Officer, Jens Schulte-Bockum, has been extended until 31 March 2022.

Looking ahead, Shuter says:

“We are well positioned for growth. Guided by our well-defined BRIGHT strategy, we are building our growth strategy on our digital operator model while optimising efficiencies, capex and cashflow.

“Following data price reductions in South Africa and Nigeria in 2019, we expect price elasticity to improve data revenue growth in 2020, supported by expanded 4G coverage in Nigeria and across the group. We will continue to scale up our fintech and digital services as well as grow our enterprise and wholesale businesses.

“We have maintained our service revenue, EBITDA margin, capex intensity and ROE targets and increased our asset disposal target by a further R25 billion over the medium term. We also now target a holding company leverage ratio at below 2x.

“We will use 2020 to implement our succession process and ensure a seamless handover to the new group president and CEO whilst maintaining our operational execution.

“Inspired to harness the pioneering spirit that has built MTN over the last 25 years, we remain committed to delivering on our strategy in a more agile way in close collaboration with our many partners, with whom we are #GoodTogether.”

Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
The Gazelle News
  • Website

Don't Miss
Agriculture

Oyo Open To Partnerships On Agribusiness, Mineral Devt, Others – Makinde; Receives Netherlands Ambassador

By Soffiyyah OlamideOctober 4, 20230

Oyo State Governor, ‘Seyi Makinde has declared that the state will always be open to…

Tinubu Commends EFCC on Anti-Graft Efforts; Unfolds More Robust Agenda

October 4, 2023

Don’t Use NURTW’s Crisis To Blackmail FG, MC OluOmo Warns NLC 

October 3, 2023

Police Arrest Naira Marley Over Mohbad’s Death 

October 3, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Subscribe to Updates

Get the latest creative news from SmartMag about art & design.

Most Viewed Posts
  • APO Press Releases
  • How Olori Ajoke Found A New Life Outside Oyo Kingdom
  • Wig-wearing Women to pay Tax
  • Exclusive: Drama At GAC Meeting As ex-Dep Gov, Senator, Others Tackle Speaker Over Alleged Attempt To Impose LG Chairmanship Candidates 
  • After DNA Tests Proved All Three Children Were Not His, ex-Aston Villa Striker Regains Possession Of 7-bedroom Mansion From ex-Wife
About Us
About Us

Your source for the lifestyle news. This demo is crafted specifically to exhibit the use of the theme as a lifestyle site. Visit our main page for more demos.

We're accepting new partnerships right now.

Email Us: tgnews2013@gmail.com
Contact: +234-802-304-5855

Most Viewed Posts
  • APO Press Releases Views: 92557 August 27, 2020
  • How Olori Ajoke Found A New Life Outside Oyo Kingdom Views: 48340 November 5, 2020
  • Wig-wearing Women to pay Tax Views: 41922 September 5, 2020
  • Exclusive: Drama At GAC Meeting As ex-Dep Gov, Senator, Others Tackle Speaker Over Alleged Attempt To Impose LG Chairmanship Candidates  Views: 34798 May 25, 2021
Search
New Comments
    Facebook Twitter Instagram Pinterest
    • Home
    © 2023 The Gazelle News. Designed by DeedsTech.

    Type above and press Enter to search. Press Esc to cancel.